中国资本市场的“铁公鸡”不发放现金股利之谜

The Cash Dividend Puzzle of so-called “Iron Roosters” in china’capital market

我国上市公司大多吝于发放现金股利,被称作中国资本市场的＂铁公鸡＂。本文以＂铁公鸡＂公司为原始样本,通过与配对样本的比较,试图破解＂铁公鸡＂们不发放现金股利之谜。结果发现：＂铁公鸡＂不派现的原因是有差别的;对于现金流充裕的公司,代理问题和财务状况是其不发放现金股利的主要原因;而现金流短缺的公司,不派现的原因错综复杂,代理问题、成长机会以及财务困境都具有显著的解释力。

The study tries to reveal the ＂cash dividend puzzle＂ based on the above so-called ＂ Iron Roosters ＂ as the original samples and compared with the paired samples. The reasons why ＂ Iron Roosters ＂ don＇t distribute cash dividends are different. The results show that in the companies with excess cash flow, principal – agent problems and financial situation are the main reasons that ＂Iron Roosters＂ do not share cash dividends. However, in the companies with cash flow shortage, the reasons for refusal to share cash dividends are complex. Principal – agent problems, better growth opportunities and poor financial condition, all of these reduce the payment of cash dividends to a certain extent. The research analyses the reasons why the so-called ＂ Iron Roosters ＂ in China capital market have no distribution of cash dividend, answering questions for investors and stakeholders, can also provide policy recommendations to boot benign cash dividends of listed companies.